No Tax Subsidies for Stadiums Act of 2019

I 116TH CONGRESS 1ST SESSION H. R. 2446 To amend the Internal Revenue Code of 1986 to ensure that bonds used to finance professional stadiums are not treated as tax-exempt bonds. IN THE HOUSE OF REPRESENTATIVES MAY 1, 2019 Mr. BLUMENAUER (for himself, Mr. MEADOWS, and Mr. BEYER) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to ensure that bonds used to finance professional stadiums are not treated as tax-exempt bonds. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘No Tax Subsidies for 4 Stadiums Act of 2019’’. 5 SEC. 2. NO TAX-EXEMPT BONDS FOR PROFESSIONAL STA- 6 DIUMS. 7 (a) IN GENERAL.—Section 103(b) of the Internal 8 Revenue Code of 1986 is amended by adding at the end 9 the following new paragraph: 10 VerDate Sep 11 2014 01:40 May 04, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2446.IH H2446 kjohnson on DSK79L0C42 with BILLS 2 •HR 2446 IH ‘‘(4) PROFESSIONAL STADIUM BOND.—Any pro- 1 fessional stadium bond.’’. 2 (b) PROFESSIONAL STADIUM BOND DEFINED.—Sec- 3 tion 103(c) of such Code is amended by adding at the end 4 the following new paragraph: 5 ‘‘(3) PROFESSIONAL STADIUM BOND.—The 6 term ‘professional stadium bond’ means any bond 7 issued as part of an issue any proceeds of which are 8 used to finance or refinance capital expenditures al- 9 locable to a facility (or appurtenant real property) 10 which, during at least 5 days during any calendar 11 year, is used as a stadium or arena for professional 12 sports exhibitions, games, or training.’’. 13 (c) EFFECTIVE DATE.—The amendments made by 14 this section shall apply to bonds issued after the date of 15 the enactment of this Act. 16 Æ VerDate Sep 11 2014 01:40 May 04, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H2446.IH H2446 kjohnson on DSK79L0C42 with BILLS